France’s Renault says its revenue rose 13.7 percent in the first quarter, as Europe’s recovering car market helped offset slumps in Russia and Brazil.
Renault reported revenue of 9.39 billion euros ($10.1 billion) for the January-March quarter thanks to demand in Europe, where sales of its Clio and Twingo compact cars and the Captur crossover helped lift new car registrations by 9.9 percent.
Renault also increased its growth forecast for the European car market this year to five percent, up from its previous forecast of only two percent.
Europe’s car market has been on a rebound for over a year-and-a-half. In the first quarter of 2015, new car registrations grew 8.6 percent to 3.5 million.